IMF begins talks on fresh loans
The third review mission of International Monetary Fund (IMF) yesterday entered into discussions with the interim government of Bangladesh regarding potential conditions for a fresh $3 billion loan.
Bangladesh ‘sleepwalked’ into middle-income trap
Bangladesh, mired in data fog, has “sleepwalked” into the middle-income trap according to the white paper on the state of the country’s economy.
Bangladesh's Electricity Sector / PDB can save $1.2 billion a year by fixing core problems: IEEFA
The global energy think-tank suggested shifting half of Bangladesh’s existing industrial demand to the grid
Stocks advance for the third day
Total turnover stood at Tk 155 crore in the first hour of trading
Another 1 lakh graduates joined job hunt last year
Over 1 lakh youth with higher academic degrees joined the already long rally of graduates in a gruelling search for jobs last year, according to the latest official data, as experts point to an oversupply of graduates and a lack of skills among them.
Bangas sees Q1 profit surge by 16%
Revenue rises 8% year-on-year
China curbs exports of key chipmaking components to US
Among the materials banned from export are metals gallium, antimony and germanium, Beijing's commerce ministry said in a statement that cited "national security" concerns
Current account deficit narrows in Jul-Oct
Bangladesh’s current account deficit narrowed 76.20 percent year-on-year to $752 million in the first four months of the current fiscal year on the back of growing export earnings and remittance inflows, reflecting reduced pressure on the country’s external accounts.
Developing countries face record foreign debt costs: World Bank
The high cost of servicing foreign debt has pushed many developing countries to borrow more money from multilateral institutions like the World Bank, stretching their finances
Economy
Jamuna Oil’s profit jumps 48% in Q1
Jamuna Oil Company Limited recorded strong earnings in the July-September quarter of the current fiscal year 2024-25 on the back of higher interest income.
NBR grants 15-year tax exemption for new renewable plants
With the objective of facilitating clean energy generation, the National Board of Revenue (NBR) has granted a 15-year tax benefit for investments to establish renewable energy-based power facilities..The revenue authority issued a circular in this regard on November 27, saying it would exe
Stocks rise for a second day
The stock markets in Bangladesh rose for a second consecutive trading day yesterday as investors poured fresh funds for select shares to quickly gain short-term profits amidst price movements..Shares of companies like Square Pharmaceuticals, Grameenphone, Robi Axiata, Saif Powertec, Renata
Govt yet to decide on raising energy prices
The interim government is yet to decide whether energy prices will be increased, said Muhammad Fouzul Kabir Khan, adviser to the Ministry of Power, Energy and Mineral Resources.
Continue reforms to retain trade after LDC graduation
The reform initiatives taken by the interim government should be continued as these reforms may pave the way towards a more modern, equal and inclusive Bangladesh, said a top official of the International Labour Organization (ILO).
Trump vows to defend US dollar hegemony, but is it under threat?
US President-elect Donald Trump has threatened retaliation against governments that challenge the US dollar, vowing “100 percent tariffs” on countries that undercut the US currency.
Gen Z: Shaping the future of business
Generation Z, popularly known as Gen Z, is a term used to represent people born between the late 1990s and early 2000s. This demographic cohort presently accounts for approximately 30 percent of the global population. It is estimated that Gen Z will account for 27 percent of the global workforce by 2025.
NBR freezes bank accounts of Ananta Group MD and UCB Chairman Sharif Zahir
Sharif said he and his family members had contacted top officials of the NBR following the move, but no specific reason was provided
Global Economy
S.Korea says to provide liquidity to stabilise markets after turmoil
Equities sank more than two percent in Seoul and the won initially plunged to a two-year low against the dollar after the dramatic move, which stunned traders already concerned about the state of Asia's number-three economy.
Rupee drops to all-time low
The Indian rupee declined to a lifetime low on Tuesday, pressured by the US dollar’s rally against its major peers and on concerns over the Asian country’s slowing growth rate.
$6 billion foreign loan commitments may come by June: finance adviser
The commitments will come from multiple sources, including World Bank, IMF, ADB, Opec
Roadmap is there to implement ILO conventions: commerce adviser
EU Ambassador Michael Miller calls on the adviser
Chevron to invest in new gas exploration in Bangladesh
The energy giant thanks the interim government for starting to clear overdue payments
Analysis / Why Mexico’s global trade sweet spot may turn sour
Last year, Mexico sent $475 billion of goods exports to the United States, surpassing China
US unveils fresh export curbs targeting China's chip sector
The announcement comes weeks before President-elect Donald Trump returns to the White House, where he is expected to bolster Washington's hawkish stance on China
US Fed officials see inflation fight as broadly on track
New York Fed President John Williams said inflation was now "within striking distance" of two percent.
Organisation News
Over 3.2m DPS opened thru bKash app in 3 years
Customers of bKash have opened over 3.2 million deposit pension schemes (DPS) with four commercial banks and a non-bank financial institution—IDLC Finance, Mutual Trust Bank, Dhaka Bank, City Bank and BRAC Bank—through the mobile financial service (MFS) provider’s app in a span of just three yea
International conference on Japan–Bangladesh Research held
The 3rd International Conference on “Japan–Bangladesh Research and Practice (JBRP 2024)” organised by the Network of Bangladeshi Researchers in Japan (NBRJ) was held recently on the virtual platform..The conference brought together approximately 75 researchers, academics, and professionals
Idcol pays govt Tk 50cr dividend
The Infrastructure Development Company (Idcol), a state-owned financial institution in Bangladesh, paid a cash dividend of Tk 50 crore to the government for the financial year of 2023..Md Shahriar Kader Siddiky, secretary to the Economic Relations Division and chairman of Idcol, handed ove
Alliance Finance holds workshop on sustainable finance
Alliance Finance PLC recently organised a workshop on “Sustainable Finance Strategy and Sustainability Plan” for its employees at the company’s head office in the capital’s Gulshan..Morshed Millat, a faculty member of the Bangladesh Institute of Bank Management and former director of the s
Mostary Zaman’s death anniversary today
Mostary Zaman retired as principal of Fazlul Huq Mohila College, Dhaka
Shanta Life Insurance begins its journey
Shanta Life Insurance PLC, a new venture of Shanta Holdings, began its operations yesterday.
ICAB opens new study centre in Mirpur
The Institute of Chartered Accountants of Bangladesh (ICAB) opened an “ICAB New Study and Counselling Centre” at Fahad Plaza on Road 1 in the capital’s Mirpur recently..Mohammed Forkan Uddin, president of the ICAB, inaugurated the centre, the organisation said in a press release..The
Inner Wheel brings out procession in Dhaka
The District 328 of Inner Wheel, one of the world's largest international voluntary women’s organisations, on Thursday brought out a procession in the capital to observe the "16 Days of Activism against Gender-based Violence.”
Business Multimedia
Food prices stubbornly high despite govt measures
When prices of widely consumed staples like potatoes, edible oil, sugar or onions spike and remain inflated for extended periods, it understandably hits the poor and low-income people where it hurts the most: in their wallet.
Remittance rises 21% in October
Migrant Bangladeshis sent home $2.39 billion in October
Potato price shoots up
The price of potatoes has begun an upward climb in the market
92 thousand crores or more siphoned out in 15 years?
Based on the compilation of media reports on bank scams between 2008 and 2023, CPD said as much as 92 thousand crores of taka have been siphoned out of the banking sector in the last fifteen years
Is Bangladesh going towards a deep economic crisis?
How can Bangladesh avoid the economic crisis to deepen further?
China manufacturing expands for second straight month
China in November saw an uptick in industrial output for the second straight month, government data showed Saturday, an encouraging sign for officials as they battle stagnant activity.
Debt payment burden to intensify further
A spike in the already-increasing debt servicing burden is imminent as the country’s debt to gross domestic product (GDP) ratio remains far from growth-reducing thresholds, according to the white paper on the state of the economy.
Power and energy: A system designed for corruption
No less than $3 billion changed hands as kickbacks in awarding power plant projects during Sheikh Hasina’s autocratic rule, according to a white paper on the state of the economy.
Cost of seven mega projects jumped 70% from initial estimate
Seven mega projects taken up by the previous government cost Bangladesh Tk 80,569 crore more than initial estimates due to escalating cost and time overruns, according to the final draft of the white paper on the state of the economy.
GDP growth overstated since 1995
Bangladesh’s economic growth has been overstated since 1995 and the practice of making inflated estimates rose after the fiscal year 2012-13, according to the findings of the white paper panel..It said Bangladesh was seen as one of the fastest-growing economies but its growth became a “par
10 banks are ‘technically bankrupt’: white paper
However, the final draft of the white paper on the state of economy did not disclose the names of the lenders
Midland Bank launches sub-branch, SME centre in Nawabpur
Midland Bank PLC launched a new sub-branch and a SME centre at Mazed Sardar Tower-1 on Haji Osman Goni Road in the capital’s Nawabpur yesterday..Md Ahsan-uz Zaman, managing director and CEO of the bank, inaugurated the sub-branch and SME centre as the chief guest, the lender said in a pres
Exim Bank opens 152nd branch at Mirpur DOHS
Exim Bank recently opened a new branch at Mirpur DOHS in the capital..This is the 152nd branch of the bank, said a press release..Md Nazrul Islam Swapan, chairman of the bank, inaugurated it as the chief guest..In his speech, Swapan said Exim Bank has now taken an initiative to
DBL Lifestyles teams up with HSBC for seamless digital payments
The Hongkong and Shanghai Banking Corporation Limited (HSBC) Bangladesh recently signed an agreement with DBL Lifestyles Ltd, the flagship retail brand of DBL Group, to enhance the latter’s digital payment services..Stuart Rogers, regional head of commercial banking, international markets
Remittance rises 14% in November
However, November’s inflow of $2.2 billion was 8.16% lower than the previous month